Keeping the Analysis Fresh To get the most value from a contingency plan, it must be updated to reflect changes in the business.


“Having made that investment, we really feel like the next step is to keep that baseline analysis fresh though periodic updates.” Laurie Champion, Aon


Companies should think about contingency planning as a discipline, not a once-and-done activity. If the baseline analysis is kept up to date to reflect business changes — in physical sites, outsourcing strategies, and supplier relationships, to name a few examples — it can be a helpful tool for understanding options for managing risk. A contingency plan that is continually refreshed will be ready to use and easy to execute when the time comes. Execution of the plan should involve the carrier very early in the process. Early involvement will help get unveil mitigation opportunities and bring the business back to its pre-loss condition most efficiently.


Copyright © 2012 by A.M. Best Company, Inc. All rights reserved. No part of this report may be reproduced, stored in a retrieval system or transmitted in any form or by any means; electronic, mechanical, photocopying, recording or otherwise.


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